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r4i042-i-iH
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<br />ASSIGI~."1ENT OF LEASES, I~NI°S AND PROFITS
<br />THIS ASSIGNMENT, made this 11th day of April 19 79
<br />by _ Robert J. Wheeler and Nancy L. Wheeler, Husband and Wife, as Joint Tenants with right
<br />of survivorship, and not as tenants in common, (herein called "Assignors"), to
<br />FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF LINCOLN, having its principal place
<br />of business in Lincoln, Nebraska (herein called "First Federal"};
<br />WITNESSETH: For value received and as additional security for the loan
<br />hereinafter mentioned, Assignors hereby sell, transfer and assign unto First Federal,
<br />its successors and assigns, ali right, title and interest of Pssignors in and to the
<br />rents, issues, profits, sights and benefits-from the property described below:
<br />The West One Hundred Feet {100') of Lots Four (4) and Five {5), Warren
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<br />ub ivision, an A dition to the City of Crand Island, Hall County,
<br />Nebraska.
<br />And to that end Assignors hereby assign and set over unto First Federal,
<br />its successors or assigns, all leases or subleases of said premises now made, executed
<br />or delivered, whether written or verbal, or to be hereafter made, be the same written
<br />or verbal.
<br />And the Assignors do hereby authorize and empower First Federal, its
<br />successors or assigns, wit:tout notice and without regard to the adequacy of the
<br />security for the indebtedness secured hereby, to take possessian of said real
<br />estate and chattels, to rent and manage the same, and to sue for or otherwise
<br />collect the said rents, issues, profits, rights and benefits, as they shall become
<br />due, and hereby direct each and all of the tenants of the aforesaid premises to pay
<br />such rents as may now be due or shall hereafter become due to said First Federal,
<br />its successors or assigns, upon demand for payment thereof by First Federal, its
<br />successors ar assigns. It is understood and agreed, however, that no such demand
<br />shall be made unless and until there has been a default in the payment of the
<br />indebtedness secured by the Mortgage and Financing Statement herein mentioned, or
<br />default in the payment of any other atsms secured by said Mortgage or Financing
<br />Statement, and, until such demand is made, Assignors are authorized to collect,
<br />or continue collecting said rents, issues, profits, rights and benefits; but
<br />that such privilege to collect or continue collecting, as aforesaid by Assignors
<br />shall not operate to permit the collection by said Assignors, their successors or
<br />assigns, or ny installment of rent in advance of the date prescribed in said
<br />lease or leases for the payment thereof. First Federal may retain or pay from
<br />such rents, issues, profits, rights and benefits collected by it reasonable fees
<br />for management and rental services rendered by it or those employed by it, all
<br />costs and expenses of collection, including reasonable attorneys' fees, and may
<br />also use the same to make good any such defaults and to pay taxes, insurance
<br />premiums, expenses of repair and maintenance and all other expenses involved in
<br />the groper management of said premises, and shall pay any surplus then remaining
<br />to Assignors.
<br />The term of this Assignment shall be until t:~e Note (or any extension or
<br />renewal. thereof) of-even date herewith, made, executed and delivered by
<br />_ Robert J. and Nancy L. Wheeler for the sum of $145,000.00
<br />and secured by a Mortgage covering said premises and a Financing Statement covering
<br />certain fixtures and equipment situate on said premises, shall have been fully paid
<br />-and satisfied, or until the expiration of the period of redemption, if any, at which
<br />time thi& Assigntseat is to be-fully satisfied, cancelled and released; and the
<br />releasing. of said Mortgage and Financing Statement shall constitute a release hereof.
<br />-This Assignment is given as additional security for the performance of each
<br />and all.of the .obligations and caveaants of the Note and Mortgage above-described
<br />{or any extension or renewal thereof).
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